Still, CoreLogic recorded a slight drop in the preliminary auction clearance rate in Sydney of 74.5 per cent, down 140 basis points, the lowest in seven weeks. But Domain reported a much higher 81 per cent clearance rate for Sydney up from 74.6 per cent.
Appetite for inner city and North Shore homes remained particularly strong as a harbour front penthouse in Pyrmont sold for $8.25 million through James Crow of Morton Pyrmont.
In Roseville, on the Upper North Shore, Kathy Widjaja, owner of online farmer’s market Minifarms Australia and her husband Zabarte, a medical professional, sold their five-bedroom renovated Victorian home for $5.26 million under the hammer. The price guide was $4.9 million.
This Roseville home sold for $5.26m under the hammer.
The buyers were an upsizing local family who saw off competition from one other bidder.
“With the lack of stock we are still seeing great buyer activity at our open homes. Buyers are still bidding well under auction conditions,” said selling agent James Bennett of Belle Property Lane Cove.
“We have seen a few buyers adjusting their spend, with more changes in interest rates. However, most are buying their family home and still in a great position to purchase,” he said.
Melbourne was the busiest capital city auction market this week with 863 offered for sale, more than double the 315 homes taken to auction a week ago.
Of these 72.9 per cent sold based on preliminary figures, down just 80 basis points on a week ago. Domain’s auction clearance rate for Melbourne was 69.1 per cent, up from 67.2 per cent last week.
In Melbourne, Ray White recorded a preliminary auction day clearance rate of 84 per cent, with nine out of every 10 auctions conducted receiving bids.
“Competition remained fierce across a number of auctions,” said Ray White Victoria chief auctioneer Jeremy Tyrell.
Highlighting this, six buyers competed for a three-bedroom home in Cheltenham in Melbourne’s south-eastern suburbs. It eventually sold for $1.505 million.
“The bidders were all locals and the eventual buyer was moving closer to his family,” said Ray White Cheltenham agent Trevor Bowen.
Among the smaller capitals, Brisbane hosted the busiest auction market this week with 138 homes taken to auction, followed by Adelaide (109), and Canberra (52).
Canberra recorded the highest preliminary clearance rate of 70. 3 per cent, up from 52.3 per cent a week ago.
Adelaide’s preliminary clearance rate fall 15.8 percentage points to 67.9 per cent and Brisbane’s preliminary clearance rate increased 7.2 percentage points week to 66 per cent.
Across Perth, three of the six results collected to date were successful, while two of the four results collected in Tasmania were successful.